Caribou King Resources (V.CKR) up 50% on drilling plans: Canadian market movers

Here are the most active stocks on Wednesday mid-morning on the TSX and TSX Venture Exchange.

On Wednesday, the top TSX mover was Luna Gold Corp. (TSX: T.LGC, Stock Forum). The stock was down 0.8% and was trading at $1.32 on volume of 5.8 million.

On January 28, the miner announced its 2014 guidance which includes annual gold production of 85,000 to 95,000 ounces at average annual production cash cost of US$690 to US$740 per ounce of gold.

As well, the Aurizona gold mine, located in Brazil, Phase I Expansion is progressing and remains on budget as at Dec. 31, 2013.

Baja Mining Corp. (TSX: T.BAJ, Stock Forum) was the second most active stock on the TSX. It slipped 14.3% and was trading at $0.06 on volume of 4.3 million shares.

On January 24, the mining company reported it has reached an agreement with Louis Dreyfus Metals Commodities (Suisse) SA (LDCMS) to settle their disputes relating to the Boleo project, located in Baja California, Mexico, and cost overruns announced by Baja in April 2012.

Caribou King Resources Ltd. (TSX: V.CKR, Stock Forum) was the volume leader on the TSX Venture Exchange. It soared 50% and was trading at $0.06 on volume of four million.

Today, the junior announced that a 2,000-metre drill program has now commenced at the Mulloy graphite project, located approximately 10 kilometers west of the Zenyatta Ventures Ltd. (TSX: V.ZEN, Stock Forum) Albany graphite project in Ontario.

The second most active stock on the TSX Venture was True Gold Mining Inc. (TSX: V.TGM, Stock Forum). It lost 14.1% and was trading at $0.395 after 3.4 million shares changed hands.

On January 28, the exploration and development company announced that it has entered into an agreement with RBC Capital Markets and a syndicate of underwriters, pursuant to which they have agreed to purchase, on a bought deal basis by way of a short form prospectus, 91.4 million units of True Gold, each unit consisting of one common share and one-half of one common share purchase warrant, at a price of $0.40 per unit for aggregate gross proceeds of approximately $36.6 million.

As well an additional $8.4 million will be gained from Liberty Metals & Mining Holdings, LLC (LMM), a subsidiary of Liberty Mutual Insurance and the company's largest shareholder. LMM has elected to exercise their participation rights and has agreed to purchase 21.2 million units at the issue price in order to maintain its pro rata interest in the company.

The net proceeds of the offering will be used to allow the company to proceed with its proposed development and construction activities at the Karma gold project in Burkina Faso and for working capital purposes.